Mid Penn Bancorp, Inc. Reports Second Quarter Earnings and Declares 59th Consecutive Quarterly Dividend
Key Highlights of the Second Quarter of 2025:
-
On April 30, 2025, Mid Penn completed the acquisition of William Penn Bancorporation ("William Penn"), which added total assets of
$757.3 million $431.4 million Pennsylvania .
-
Net income available to common shareholders decreased
59.5% to$4.8 million $0.22 $11.8 million $0.71 33.6% to$15.1 million $0.70 $11.3 million $0.68
-
Net interest margin increased to
3.44% for the quarter ended June 30, 2025, compared to3.37% for the first quarter of 2025, representing a 7 basis point ("bp") increase compared to the first quarter of 2025. Cost of funds decreased to2.44% for the quarter ended June 30, 2025, compared to2.48% for the first quarter of 2025. Despite a higher total interest expense, cost of funds improved during the quarter, primarily due to the growth in average interest-bearing liabilities, driven in part by the addition of lower-cost deposits acquired in the William Penn acquisition. These deposits helped dilute the overall cost of funding, contributing to the improvement. The yield on loans increased to6.15% for the quarter ended June 30, 2025, compared to6.05% for the first quarter of 2025. Net interest margin increased to3.44% for the quarter ended June 30, 2025, compared to3.12% for the second quarter of 2024, representing a 32 bp increase compared to the same period in 2024.
-
Loan growth for the second quarter of 2025 was
$341.7 million 30.5% (annualized). Total loans increased$468.3 million 10.7% , to$4.8 billion $4.4 billion $431.4 million $89.6 million 2.0% from the first quarter of 2025. This decline was primarily driven by elevated payoffs as commercial real estate construction loans stabilized and obtained non-recourse permanent financing.
-
Deposits increased
$717.5 million 60.8% (annualized), during the second quarter of 2025, compared to an increase of$42.3 million 3.7% (annualized), during the first quarter of 2025. This increase was driven by a$397.5 million $68.8 million $251.2 million $952.7 million 21.18% to$5.4 billion $4.5 billion $96.2 million 8.2% , annualized (excluding William Penn acquisition deposits of$621.3 million
-
The core efficiency ratio(1) improved to
62.56% in the second quarter of 2025, compared to62.79% in the first quarter of 2025, and63.65% in the second quarter of 2024.
-
Book value per common share declined to
$33.85 $34.50 $33.76 $27.22 $27.58 $25.75
-
As a result of the foregoing, the Board of Directors declared a cash dividend of
$0.20
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
Chair, President and CEO Rory G. Ritrievi provided the following statement:
"The second quarter of 2025 for Mid Penn was virtually in line with what we expected. While our GAAP earnings were impacted by the completion of the William Penn acquisition within the quarter, excluding those one-time expenses establishes non-GAAP earnings of
Organic loan growth for the second quarter was negative by
Organic deposit growth for the second quarter was
Throughout the quarter, we had improvements in net interest margin, cost of deposits, yields on loans, noninterest income and efficiency ratio, along with another solid quarter in asset quality, leading us to the consensus beat, notwithstanding the pullback in loans outstanding.
We are encouraged by the results for the quarter while successfully completing the William Penn acquisition, and we are cautiously optimistic about what to anticipate for the remainder of 2025.
It is our pleasure to announce that the Board has authorized its 59th consecutive quarterly dividend, a cash dividend of
Net Interest Income
For the three months ended June 30, 2025, net interest income was
The yield on interest-earning assets increased to
For the six months ended June 30, 2025, net interest income increased
Average Balances
Average balances were significantly impacted by the William Penn acquisition given that the acquisition closed on April 30, 2025. Day one increases in loans, total assets, deposits, and total liabilities were
Average loans increased
Average deposits were
Cost of funds decreased to
Asset Quality
The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was
The provision for credit losses on loans was
Allowance for credit losses - loans was
Total nonperforming assets were
Capital
Shareholders’ equity increased
On April 23, 2025, Mid Penn’s Board of Directors reauthorized its treasury stock repurchase program ("The Program") effective through April 30, 2026. The Program authorizes the repurchase of up to
Noninterest Income
For the three months ended June 30, 2025, noninterest income totaled
For the six months ended June 30, 2025, noninterest income totaled
Noninterest Expense
For the three months ended June 30, 2025, noninterest expense totaled
Merger and acquisition expenses increased
Salaries and benefits increased
Software licensing and utilization costs increased
For the six months ended June 30, 2025, noninterest expense totaled
Merger and acquisition expenses increased
Salaries and benefits increased
Software licensing and utilization costs increased
Occupancy expenses increased
The core efficiency ratio(1) was
William Penn Acquisition
On April 30, 2025, Mid Penn completed its acquisition of William Penn through the merger of William Penn with and into Mid Penn.
Each share of William Penn common stock issued and outstanding as of April 30, 2025, was converted into 0.426 shares of Mid Penn common stock. As a result of the acquisition, Mid Penn issued approximately 3,506,795 shares of Mid Penn common stock, plus up to an additional 538,447 shares of Mid Penn common stock issuable upon the exercise of former William Penn stock options, for a purchase price of
Charis Insurance Group Acquisition
On May 12, 2025, Mid Penn acquired the insurance business and related accounts of Charis Insurance Group, which provides business, home and auto insurance throughout central and southern
The assets and liabilities assumed in these transactions were recorded at their estimated fair values as of the respective date of acquisition and may be adjusted for up to one year subsequent to legal closing.
(1) |
|
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. Non-GAAP financial measure. |
Subsequent Events
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the possibility that the anticipated benefits of a transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of a transaction; the ability to complete the integration of Mid Penn and its target successfully; the dilution caused by Mid Penn’s issuance of additional shares of its capital stock in connection with a transaction; and other factors that may affect the future results of Mid Penn.
For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.
SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Ending Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
$ |
769,211 |
|
|
$ |
634,044 |
|
|
$ |
643,352 |
|
|
$ |
642,291 |
|
|
$ |
601,683 |
|
Loans, net of unearned income |
|
4,832,898 |
|
|
|
4,491,167 |
|
|
|
4,443,070 |
|
|
|
4,431,704 |
|
|
|
4,364,561 |
|
Total assets |
|
6,354,543 |
|
|
|
5,546,026 |
|
|
|
5,470,936 |
|
|
|
5,527,025 |
|
|
|
5,391,749 |
|
Total deposits |
|
5,449,664 |
|
|
|
4,732,202 |
|
|
|
4,689,927 |
|
|
|
4,706,764 |
|
|
|
4,497,011 |
|
Shareholders' equity |
|
775,708 |
|
|
|
667,933 |
|
|
|
655,018 |
|
|
|
573,059 |
|
|
|
559,686 |
|
Average Balances: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
652,105 |
|
|
|
639,580 |
|
|
|
633,409 |
|
|
|
610,586 |
|
|
|
608,173 |
|
Loans, net of unearned income |
|
4,724,638 |
|
|
|
4,459,679 |
|
|
|
4,441,436 |
|
|
|
4,405,969 |
|
|
|
4,353,360 |
|
Total assets |
|
6,036,045 |
|
|
|
5,491,763 |
|
|
|
5,481,473 |
|
|
|
5,470,641 |
|
|
|
5,378,897 |
|
Total deposits |
|
5,159,754 |
|
|
|
4,681,708 |
|
|
|
4,687,880 |
|
|
|
4,597,686 |
|
|
|
4,451,678 |
|
Shareholders' equity |
|
670,491 |
|
|
|
660,964 |
|
|
|
623,670 |
|
|
|
565,300 |
|
|
|
553,675 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
||||||||||||||||||
Income Statement: |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Net interest income |
$ |
48,206 |
|
|
$ |
42,509 |
|
|
$ |
41,280 |
|
|
$ |
40,169 |
|
|
$ |
38,766 |
|
Provision for credit losses (4) |
|
2,269 |
|
|
|
301 |
|
|
|
333 |
|
|
|
516 |
|
|
|
1,604 |
|
Noninterest income |
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
|
|
|
5,178 |
|
|
|
5,329 |
|
Noninterest expense |
|
47,798 |
|
|
|
30,642 |
|
|
|
30,913 |
|
|
|
29,959 |
|
|
|
28,224 |
|
Income before provision for income taxes |
|
4,282 |
|
|
|
16,805 |
|
|
|
16,183 |
|
|
|
14,872 |
|
|
|
14,267 |
|
(Benefit)/Provision for income taxes |
|
(480 |
) |
|
|
3,063 |
|
|
|
2,951 |
|
|
|
2,571 |
|
|
|
2,496 |
|
Net income available to shareholders |
|
4,762 |
|
|
|
13,742 |
|
|
|
13,232 |
|
|
|
12,301 |
|
|
|
11,771 |
|
Net income excluding non-recurring income and expenses (1) |
|
15,074 |
|
|
|
13,907 |
|
|
|
12,961 |
|
|
|
12,383 |
|
|
|
11,284 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
$ |
0.22 |
|
|
$ |
0.71 |
|
|
$ |
0.72 |
|
|
$ |
0.74 |
|
|
$ |
0.71 |
|
Diluted earnings per common share |
|
0.22 |
|
|
|
0.71 |
|
|
|
0.72 |
|
|
|
0.74 |
|
|
|
0.71 |
|
Cash dividends declared |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
Book value per common share |
|
33.85 |
|
|
|
34.50 |
|
|
|
33.84 |
|
|
|
34.48 |
|
|
|
33.76 |
|
Tangible book value per common share (1) |
|
27.22 |
|
|
|
27.58 |
|
|
|
26.90 |
|
|
|
26.36 |
|
|
|
25.75 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality: |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs/(recoveries) to average loans (3) |
|
0.069 |
% |
|
|
(0.0003 |
%) |
|
|
0.037 |
% |
|
|
0.031 |
% |
|
|
0.002 |
% |
Non-performing loans to total loans |
|
0.38 |
|
|
|
0.54 |
|
|
|
0.51 |
|
|
|
0.39 |
|
|
|
0.23 |
|
Non-performing asset to total loans and other real estate |
|
0.58 |
|
|
|
0.57 |
|
|
|
0.51 |
|
|
|
0.40 |
|
|
|
0.24 |
|
Non-performing asset to total assets |
|
0.44 |
|
|
|
0.46 |
|
|
|
0.41 |
|
|
|
0.32 |
|
|
|
0.19 |
|
ACL on loans to total loans |
|
0.78 |
|
|
|
0.80 |
|
|
|
0.80 |
|
|
|
0.80 |
|
|
|
0.81 |
|
ACL on loans to nonperforming loans |
|
206.49 |
|
|
|
149.05 |
|
|
|
157.07 |
|
|
|
204.61 |
|
|
|
352.92 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Profitability: |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (3) |
|
0.32 |
% |
|
|
1.01 |
% |
|
|
0.96 |
% |
|
|
0.89 |
% |
|
|
0.88 |
% |
Return on average equity (3) |
|
2.85 |
|
|
|
8.43 |
|
|
|
8.44 |
|
|
|
8.66 |
|
|
|
8.55 |
|
Return on average tangible common equity (1) (3) |
|
4.05 |
|
|
|
10.84 |
|
|
|
11.07 |
|
|
|
11.69 |
|
|
|
11.57 |
|
Tax-equivalent net interest margin |
|
3.44 |
|
|
|
3.37 |
|
|
|
3.21 |
|
|
|
3.13 |
|
|
|
3.12 |
|
Core Efficiency ratio (1) |
|
62.56 |
|
|
|
62.79 |
|
|
|
63.94 |
|
|
|
64.89 |
|
|
|
63.65 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Capital (to Average Assets) (2) |
|
10.6 |
% |
|
|
10.2 |
% |
|
|
10.0 |
% |
|
|
8.4 |
% |
|
|
8.4 |
% |
Common Tier 1 Capital (to Risk Weighted Assets) (2) |
|
12.0 |
|
|
|
12.0 |
|
|
|
12.1 |
|
|
|
10.1 |
|
|
|
9.9 |
|
Tier 1 Capital (to Risk Weighted Assets) (2) |
|
12.0 |
|
|
|
12.0 |
|
|
|
12.1 |
|
|
|
10.1 |
|
|
|
9.9 |
|
Total Capital (to Risk Weighted Assets) (2) |
|
13.3 |
|
|
|
13.8 |
|
|
|
14.0 |
|
|
|
11.9 |
|
|
|
11.8 |
|
(1) |
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document. |
|
(2) |
Regulatory capital ratios as of June 30, 2025 are preliminary and prior periods are actual. |
|
(3) |
Annualized ratio |
|
(4) |
Includes |
CONSOLIDATED BALANCE SHEETS (Unaudited):
(In thousands, except share data) |
Jun. 30, 2025 |
|
Mar. 31, 2025 |
|
Dec. 31, 2024 |
|
Sep. 30, 2024 |
|
Jun. 30, 2024 |
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
$ |
52,671 |
|
|
$ |
47,688 |
|
|
$ |
37,002 |
|
|
$ |
57,518 |
|
|
$ |
36,948 |
|
Interest-bearing balances with other financial institutions |
|
22,828 |
|
|
|
16,880 |
|
|
|
14,490 |
|
|
|
19,323 |
|
|
|
25,585 |
|
Federal funds sold |
|
261,353 |
|
|
|
42,686 |
|
|
|
19,072 |
|
|
|
67,554 |
|
|
|
43,193 |
|
Total cash and cash equivalents |
|
336,852 |
|
|
|
107,254 |
|
|
|
70,564 |
|
|
|
144,395 |
|
|
|
105,726 |
|
Investment Securities: |
|
|
|
|
|
|
|
|
|
||||||||||
Held to maturity, at amortized cost |
|
364,029 |
|
|
|
375,115 |
|
|
|
382,447 |
|
|
|
386,618 |
|
|
|
393,320 |
|
Available for sale, at fair value |
|
404,745 |
|
|
|
258,493 |
|
|
|
260,477 |
|
|
|
255,227 |
|
|
|
207,936 |
|
Equity securities available for sale, at fair value |
|
437 |
|
|
|
436 |
|
|
|
428 |
|
|
|
446 |
|
|
|
427 |
|
Loans held for sale |
|
6,101 |
|
|
|
6,851 |
|
|
|
7,064 |
|
|
|
7,919 |
|
|
|
8,420 |
|
Loans, net of unearned income |
|
4,832,898 |
|
|
|
4,491,167 |
|
|
|
4,443,070 |
|
|
|
4,431,704 |
|
|
|
4,364,561 |
|
Less: Allowance for credit losses (1) |
|
(37,615 |
) |
|
|
(35,838 |
) |
|
|
(35,514 |
) |
|
|
(35,562 |
) |
|
|
(35,288 |
) |
Net loans |
|
4,795,283 |
|
|
|
4,455,329 |
|
|
|
4,407,556 |
|
|
|
4,396,142 |
|
|
|
4,329,273 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
47,732 |
|
|
|
40,328 |
|
|
|
38,806 |
|
|
|
33,765 |
|
|
|
34,344 |
|
Operating lease right of use asset |
|
15,026 |
|
|
|
9,402 |
|
|
|
7,699 |
|
|
|
7,390 |
|
|
|
7,925 |
|
Finance lease right of use asset |
|
2,458 |
|
|
|
2,503 |
|
|
|
2,548 |
|
|
|
2,593 |
|
|
|
2,638 |
|
Cash surrender value of life insurance |
|
94,770 |
|
|
|
51,351 |
|
|
|
51,521 |
|
|
|
53,135 |
|
|
|
53,298 |
|
Restricted investment in bank stocks |
|
7,110 |
|
|
|
6,660 |
|
|
|
7,461 |
|
|
|
10,589 |
|
|
|
13,930 |
|
Accrued interest receivable |
|
28,546 |
|
|
|
27,263 |
|
|
|
26,846 |
|
|
|
27,286 |
|
|
|
27,381 |
|
Deferred income taxes |
|
35,333 |
|
|
|
21,800 |
|
|
|
22,747 |
|
|
|
23,197 |
|
|
|
24,520 |
|
Goodwill |
|
135,473 |
|
|
|
128,160 |
|
|
|
128,160 |
|
|
|
128,160 |
|
|
|
127,031 |
|
Core deposit and other intangibles, net |
|
16,531 |
|
|
|
5,814 |
|
|
|
6,242 |
|
|
|
6,713 |
|
|
|
5,626 |
|
Foreclosed assets held for sale |
|
9,816 |
|
|
|
1,402 |
|
|
|
44 |
|
|
|
281 |
|
|
|
441 |
|
Other assets |
|
54,301 |
|
|
|
47,865 |
|
|
|
50,326 |
|
|
|
43,169 |
|
|
|
49,513 |
|
Total Assets |
$ |
6,354,543 |
|
|
$ |
5,546,026 |
|
|
$ |
5,470,936 |
|
|
$ |
5,527,025 |
|
|
$ |
5,391,749 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand |
$ |
857,072 |
|
|
$ |
788,316 |
|
|
$ |
759,169 |
|
|
$ |
791,980 |
|
|
$ |
766,014 |
|
Interest-bearing transaction accounts |
|
2,772,739 |
|
|
|
2,375,205 |
|
|
|
2,319,753 |
|
|
|
2,288,783 |
|
|
|
2,194,948 |
|
Time |
|
1,819,853 |
|
|
|
1,568,681 |
|
|
|
1,611,005 |
|
|
|
1,626,001 |
|
|
|
1,536,049 |
|
Total Deposits |
|
5,449,664 |
|
|
|
4,732,202 |
|
|
|
4,689,927 |
|
|
|
4,706,764 |
|
|
|
4,497,011 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
— |
|
|
|
25,000 |
|
|
|
2,000 |
|
|
|
114,097 |
|
|
|
200,000 |
|
Long-term debt |
|
23,374 |
|
|
|
23,489 |
|
|
|
23,603 |
|
|
|
23,716 |
|
|
|
23,827 |
|
Subordinated debt and trust preferred securities |
|
37,303 |
|
|
|
45,587 |
|
|
|
45,741 |
|
|
|
45,894 |
|
|
|
46,047 |
|
Operating lease liability |
|
15,342 |
|
|
|
9,765 |
|
|
|
8,092 |
|
|
|
7,778 |
|
|
|
8,344 |
|
Accrued interest payable |
|
13,421 |
|
|
|
12,900 |
|
|
|
13,484 |
|
|
|
18,995 |
|
|
|
18,139 |
|
Other liabilities |
|
39,731 |
|
|
|
29,150 |
|
|
|
33,071 |
|
|
|
36,722 |
|
|
|
38,695 |
|
Total Liabilities |
|
5,578,835 |
|
|
|
4,878,093 |
|
|
|
4,815,918 |
|
|
|
4,953,966 |
|
|
|
4,832,063 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
||||||||||
Common stock, par value |
|
23,419 |
|
|
|
19,803 |
|
|
|
19,797 |
|
|
|
17,061 |
|
|
|
17,051 |
|
Additional paid-in capital |
|
584,291 |
|
|
|
480,866 |
|
|
|
480,491 |
|
|
|
406,922 |
|
|
|
406,544 |
|
Retained earnings |
|
191,574 |
|
|
|
191,469 |
|
|
|
181,597 |
|
|
|
172,234 |
|
|
|
163,256 |
|
Accumulated other comprehensive loss |
|
(11,756 |
) |
|
|
(14,163 |
) |
|
|
(16,825 |
) |
|
|
(13,116 |
) |
|
|
(17,123 |
) |
Treasury stock |
|
(11,820 |
) |
|
|
(10,042 |
) |
|
|
(10,042 |
) |
|
|
(10,042 |
) |
|
|
(10,042 |
) |
Total Shareholders’ Equity |
|
775,708 |
|
|
|
667,933 |
|
|
|
655,018 |
|
|
|
573,059 |
|
|
|
559,686 |
|
Total Liabilities and Shareholders' Equity |
$ |
6,354,543 |
|
|
$ |
5,546,026 |
|
|
$ |
5,470,936 |
|
|
$ |
5,527,025 |
|
|
$ |
5,391,749 |
|
(1) |
|
Includes |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
|
Three Months Ended |
||||||||||||||||
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
||||||||
Loans, including fees |
$ |
72,469 |
|
|
$ |
66,537 |
|
|
$ |
68,110 |
|
$ |
68,080 |
|
|
$ |
66,096 |
Investment securities: |
|
|
|
|
|
|
|
|
|
||||||||
Taxable |
|
4,637 |
|
|
|
4,460 |
|
|
|
4,223 |
|
|
4,136 |
|
|
|
4,143 |
Tax-exempt |
|
344 |
|
|
|
348 |
|
|
|
358 |
|
|
359 |
|
|
|
371 |
Other interest-bearing balances |
|
142 |
|
|
|
138 |
|
|
|
154 |
|
|
223 |
|
|
|
347 |
Federal funds sold |
|
2,428 |
|
|
|
261 |
|
|
|
467 |
|
|
1,043 |
|
|
|
282 |
Total Interest Income |
|
80,020 |
|
|
|
71,744 |
|
|
|
73,312 |
|
|
73,841 |
|
|
|
71,239 |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
||||||||
Deposits |
|
30,981 |
|
|
|
28,264 |
|
|
|
30,836 |
|
|
30,689 |
|
|
|
28,463 |
Short-term borrowings |
|
86 |
|
|
|
290 |
|
|
|
509 |
|
|
2,296 |
|
|
|
3,324 |
Long-term and subordinated debt |
|
747 |
|
|
|
681 |
|
|
|
687 |
|
|
687 |
|
|
|
686 |
Total Interest Expense |
|
31,814 |
|
|
|
29,235 |
|
|
|
32,032 |
|
|
33,672 |
|
|
|
32,473 |
Net Interest Income |
|
48,206 |
|
|
|
42,509 |
|
|
|
41,280 |
|
|
40,169 |
|
|
|
38,766 |
Net provision for credit losses (1) |
|
2,269 |
|
|
|
301 |
|
|
|
333 |
|
|
516 |
|
|
|
1,604 |
Net Interest Income After Provision for Credit Losses |
|
45,937 |
|
|
|
42,208 |
|
|
|
40,947 |
|
|
39,653 |
|
|
|
37,162 |
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
||||||||
Fiduciary and wealth management |
|
1,406 |
|
|
|
1,140 |
|
|
|
1,215 |
|
|
1,204 |
|
|
|
1,129 |
ATM debit card interchange |
|
958 |
|
|
|
919 |
|
|
|
971 |
|
|
962 |
|
|
|
973 |
Service charges on deposits |
|
652 |
|
|
|
562 |
|
|
|
579 |
|
|
549 |
|
|
|
539 |
Mortgage banking |
|
676 |
|
|
|
591 |
|
|
|
656 |
|
|
768 |
|
|
|
628 |
Mortgage hedging |
|
(7 |
) |
|
|
(9 |
) |
|
|
11 |
|
|
(1 |
) |
|
|
— |
Net gain on sales of SBA loans |
|
63 |
|
|
|
57 |
|
|
|
15 |
|
|
151 |
|
|
|
74 |
Earnings from cash surrender value of life insurance |
|
491 |
|
|
|
274 |
|
|
|
280 |
|
|
276 |
|
|
|
301 |
Other |
|
1,904 |
|
|
|
1,705 |
|
|
|
2,422 |
|
|
1,269 |
|
|
|
1,685 |
Total Noninterest Income |
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
|
|
5,178 |
|
|
|
5,329 |
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
20,753 |
|
|
|
16,309 |
|
|
|
16,947 |
|
|
16,156 |
|
|
|
15,533 |
Software licensing and utilization |
|
3,272 |
|
|
|
2,574 |
|
|
|
2,606 |
|
|
2,366 |
|
|
|
2,208 |
Occupancy, net |
|
2,365 |
|
|
|
2,274 |
|
|
|
1,913 |
|
|
1,815 |
|
|
|
1,861 |
Equipment |
|
1,248 |
|
|
|
1,094 |
|
|
|
1,213 |
|
|
1,206 |
|
|
|
1,287 |
Shares tax |
|
606 |
|
|
|
919 |
|
|
|
405 |
|
|
824 |
|
|
|
124 |
Legal and professional fees |
|
993 |
|
|
|
826 |
|
|
|
1,006 |
|
|
1,613 |
|
|
|
689 |
ATM/card processing |
|
621 |
|
|
|
733 |
|
|
|
634 |
|
|
606 |
|
|
|
510 |
Intangible amortization |
|
744 |
|
|
|
428 |
|
|
|
471 |
|
|
460 |
|
|
|
425 |
FDIC Assessment |
|
994 |
|
|
|
990 |
|
|
|
843 |
|
|
1,150 |
|
|
|
1,232 |
(Gain)/Loss on sale or write-down of foreclosed assets, net |
|
— |
|
|
|
(28 |
) |
|
|
73 |
|
|
(35 |
) |
|
|
42 |
Merger and acquisition |
|
11,011 |
|
|
|
314 |
|
|
|
436 |
|
|
109 |
|
|
|
— |
Other |
|
5,191 |
|
|
|
4,209 |
|
|
|
4,366 |
|
|
3,689 |
|
|
|
4,313 |
Total Noninterest Expense |
|
47,798 |
|
|
|
30,642 |
|
|
|
30,913 |
|
|
29,959 |
|
|
|
28,224 |
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
4,282 |
|
|
|
16,805 |
|
|
|
16,183 |
|
|
14,872 |
|
|
|
14,267 |
(Benefit)/Provision for income taxes |
|
(480 |
) |
|
|
3,063 |
|
|
|
2,951 |
|
|
2,571 |
|
|
|
2,496 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
4,762 |
|
|
$ |
13,742 |
|
|
$ |
13,232 |
|
$ |
12,301 |
|
|
$ |
11,771 |
|
|
|
|
|
|
|
|
|
|
||||||||
PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Common Share |
$ |
0.22 |
|
|
$ |
0.71 |
|
|
$ |
0.72 |
|
$ |
0.74 |
|
|
$ |
0.71 |
Diluted Earnings Per Common Share |
|
0.22 |
|
|
|
0.71 |
|
|
|
0.72 |
|
|
0.74 |
|
|
|
0.71 |
Cash Dividends Declared |
|
0.20 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
0.20 |
|
|
|
0.20 |
(1) |
Includes |
CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):
|
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis |
|||||||||||||||||||||||||
|
For the Three Months Ended |
|||||||||||||||||||||||||
|
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
|||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
�� |
Yield/ Rate(2) |
|
Average Balance |
|
Interest |
|
Yield/ Rate(2) |
|||||||||
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest Bearing Balances |
$ |
23,271 |
|
$ |
142 |
|
2.45 |
% |
|
$ |
20,794 |
|
$ |
138 |
|
2.69 |
% |
|
$ |
35,618 |
|
$ |
347 |
|
3.92 |
% |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taxable |
|
584,919 |
|
|
4,570 |
|
3.13 |
|
|
|
569,800 |
|
|
4,309 |
|
3.07 |
|
|
|
533,748 |
|
|
3,701 |
|
2.79 |
|
Tax-Exempt |
|
67,186 |
|
|
344 |
|
2.05 |
|
|
|
69,780 |
|
|
348 |
|
2.02 |
|
|
|
74,425 |
|
|
371 |
|
2.00 |
|
Total Securities |
|
652,105 |
|
|
4,914 |
|
3.02 |
|
|
|
639,580 |
|
|
4,657 |
|
2.95 |
|
|
|
608,173 |
|
|
4,072 |
|
2.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Federal Funds Sold |
|
236,037 |
|
|
2,428 |
|
4.13 |
|
|
|
23,754 |
|
|
261 |
|
4.46 |
|
|
|
19,432 |
|
|
282 |
|
5.84 |
|
Loans, Net of Unearned Income |
|
4,724,638 |
|
|
72,469 |
|
6.15 |
|
|
|
4,459,679 |
|
|
66,537 |
|
6.05 |
|
|
|
4,353,360 |
|
|
66,096 |
|
6.11 |
|
Restricted Investment in Bank Stocks |
|
6,945 |
|
|
67 |
|
3.87 |
|
|
|
7,101 |
|
|
151 |
|
8.62 |
|
|
|
16,066 |
|
|
442 |
|
11.07 |
|
Total Earning Assets |
|
5,642,996 |
|
|
80,020 |
|
5.69 |
|
|
|
5,150,908 |
|
|
71,744 |
|
5.65 |
|
|
|
5,032,649 |
|
|
71,239 |
|
5.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash and Due from |
|
50,376 |
|
|
|
|
|
|
39,916 |
|
|
|
|
|
|
39,053 |
|
|
|
|
||||||
Other Assets |
|
342,673 |
|
|
|
|
|
|
300,939 |
|
|
|
|
|
|
307,195 |
|
|
|
|
||||||
Total Assets |
$ |
6,036,045 |
|
|
|
|
|
$ |
5,491,763 |
|
|
|
|
|
$ |
5,378,897 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing Demand |
$ |
1,123,130 |
|
$ |
4,954 |
|
1.77 |
% |
|
$ |
1,051,325 |
|
$ |
4,681 |
|
1.81 |
% |
|
$ |
972,852 |
|
$ |
4,477 |
|
1.85 |
% |
Money Market |
|
1,179,756 |
|
|
8,350 |
|
2.84 |
|
|
|
1,024,669 |
|
|
6,941 |
|
2.75 |
|
|
|
908,807 |
|
|
6,632 |
|
2.94 |
|
Savings |
|
307,634 |
|
|
70 |
|
0.09 |
|
|
|
260,965 |
|
|
54 |
|
0.08 |
|
|
|
281,560 |
|
|
52 |
|
0.07 |
|
Time |
|
1,735,427 |
|
|
17,607 |
|
4.07 |
|
|
|
1,591,769 |
|
|
16,588 |
|
4.23 |
|
|
|
1,510,079 |
|
|
17,302 |
|
4.61 |
|
Total Interest-bearing Deposits |
|
4,345,947 |
|
|
30,981 |
|
2.86 |
|
|
|
3,928,728 |
|
|
28,264 |
|
2.92 |
|
|
|
3,673,298 |
|
|
28,463 |
|
3.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Short term borrowings |
|
7,418 |
|
|
86 |
|
4.65 |
|
|
|
24,892 |
|
|
290 |
|
4.72 |
|
|
|
241,713 |
|
|
3,324 |
|
5.53 |
|
Long-term debt |
|
23,417 |
|
|
252 |
|
4.32 |
|
|
|
23,533 |
|
|
257 |
|
4.43 |
|
|
|
23,870 |
|
|
262 |
|
4.41 |
|
Subordinated debt and trust preferred securities |
|
45,264 |
|
|
495 |
|
4.39 |
|
|
|
45,662 |
|
|
424 |
|
3.77 |
|
|
|
46,122 |
|
|
424 |
|
3.70 |
|
Total Interest-bearing Liabilities |
|
4,422,046 |
|
|
31,814 |
|
2.89 |
|
|
|
4,022,815 |
|
|
29,235 |
|
2.95 |
|
|
|
3,985,003 |
|
|
32,473 |
|
3.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing Demand |
|
813,807 |
|
|
|
|
|
|
752,980 |
|
|
|
|
|
|
778,380 |
|
|
|
|
||||||
Other Liabilities |
|
129,701 |
|
|
|
|
|
|
55,004 |
|
|
|
|
|
|
61,839 |
|
|
|
|
||||||
Shareholders' Equity |
|
670,491 |
|
|
|
|
|
|
660,964 |
|
|
|
|
|
|
553,675 |
|
|
|
|
||||||
Total Liabilities & Shareholders' Equity |
$ |
6,036,045 |
|
|
|
|
|
$ |
5,491,763 |
|
|
|
|
|
$ |
5,378,897 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Interest Income |
|
|
$ |
48,206 |
|
|
|
|
|
$ |
42,509 |
|
|
|
|
|
$ |
38,766 |
|
|
||||||
Taxable Equivalent Adjustment (1) |
|
|
|
245 |
|
|
|
|
|
|
242 |
|
|
|
|
|
|
253 |
|
|
||||||
Net Interest Income (taxable equivalent basis) |
|
|
$ |
48,451 |
|
|
|
|
|
$ |
42,751 |
|
|
|
|
|
$ |
39,019 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Yield on Earning Assets |
|
|
|
|
5.69 |
% |
|
|
|
|
|
5.65 |
% |
|
|
|
|
|
5.69 |
% |
||||||
Cost of funds |
|
|
|
|
2.44 |
% |
|
|
|
|
|
2.48 |
% |
|
|
|
|
|
2.74 |
% |
||||||
Rate on Supporting Liabilities |
|
|
|
|
2.89 |
|
|
|
|
|
|
2.95 |
|
|
|
|
|
|
3.28 |
|
||||||
Average Interest Spread |
|
|
|
|
2.80 |
|
|
|
|
|
|
2.70 |
|
|
|
|
|
|
2.42 |
|
||||||
Tax-Equivalent Net Interest Margin |
|
|
|
|
3.44 |
|
|
|
|
|
|
3.37 |
|
|
|
|
|
|
3.12 |
|
||||||
(1) |
Presented on a fully taxable-equivalent basis using a |
|
(2) |
Annualized ratios |
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
Allowance for Credit Losses on Loans: |
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance |
$ |
35,838 |
|
|
$ |
35,514 |
|
|
$ |
35,562 |
|
|
$ |
35,288 |
|
|
$ |
33,524 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase credit deteriorated loans |
|
343 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans Charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
(691 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial and industrial |
|
(203 |
) |
|
|
— |
|
|
|
(407 |
) |
|
|
(356 |
) |
|
|
(56 |
) |
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Consumer |
|
(15 |
) |
|
|
(15 |
) |
|
|
(18 |
) |
|
|
(8 |
) |
|
|
(4 |
) |
Total loans charged off |
|
(909 |
) |
|
|
(15 |
) |
|
|
(425 |
) |
|
|
(364 |
) |
|
|
(62 |
) |
Recoveries of loans previously charged off |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
4 |
|
Commercial and industrial |
|
3 |
|
|
|
6 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Residential mortgage |
|
83 |
|
|
|
2 |
|
|
|
7 |
|
|
|
2 |
|
|
|
29 |
|
Consumer |
|
11 |
|
|
|
9 |
|
|
|
7 |
|
|
|
15 |
|
|
|
11 |
|
Total recoveries |
|
98 |
|
|
|
18 |
|
|
|
17 |
|
|
|
17 |
|
|
|
44 |
|
Balance before provision |
|
35,370 |
|
|
|
35,517 |
|
|
|
35,154 |
|
|
|
34,941 |
|
|
|
33,506 |
|
Provision for credit losses - loans (1) |
|
2,245 |
|
|
|
321 |
|
|
|
360 |
|
|
|
621 |
|
|
|
1,782 |
|
Balance, end of quarter |
$ |
37,615 |
|
|
$ |
35,838 |
|
|
$ |
35,514 |
|
|
$ |
35,562 |
|
|
$ |
35,288 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonaccrual loans |
$ |
18,216 |
|
|
$ |
24,045 |
|
|
$ |
22,610 |
|
|
$ |
17,380 |
|
|
$ |
9,999 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreclosed real estate |
|
9,816 |
|
|
|
1,402 |
|
|
|
44 |
|
|
|
281 |
|
|
|
441 |
|
Total nonperforming assets |
|
28,032 |
|
|
|
25,447 |
|
|
|
22,654 |
|
|
|
17,661 |
|
|
|
10,440 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Total risk elements |
$ |
28,032 |
|
|
$ |
25,450 |
|
|
$ |
22,654 |
|
|
$ |
17,662 |
|
|
$ |
10,440 |
|
(1) |
Includes |
RECONCILIATION OF NON-GAAP MEASURES (Unaudited)
Explanatory note: This press release contains financial information determined by methods other than in accordance with
Tangible Book Value Per Common Share
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity |
$ |
775,708 |
|
$ |
667,933 |
|
$ |
655,018 |
|
$ |
573,059 |
|
$ |
559,686 |
Less: Goodwill |
|
135,473 |
|
|
128,160 |
|
|
128,160 |
|
|
128,160 |
|
|
127,031 |
Less: Core Deposit and Other Intangibles |
|
16,531 |
|
|
5,814 |
|
|
6,242 |
|
|
6,713 |
|
|
5,626 |
Tangible Equity |
$ |
623,704 |
|
$ |
533,959 |
|
$ |
520,616 |
|
$ |
438,186 |
|
$ |
427,029 |
|
|
|
|
|
|
|
|
|
|
|||||
Common Shares Outstanding |
|
22,915,194 |
|
|
19,362,094 |
|
|
19,355,797 |
|
|
16,620,174 |
|
|
16,580,595 |
|
|
|
|
|
|
|
|
|
|
|||||
Tangible Book Value per Share |
$ |
27.22 |
|
$ |
27.58 |
|
$ |
26.90 |
|
$ |
26.36 |
|
$ |
25.75 |
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
|
Three Months Ended |
|||||||||||||
(Dollars in thousands, except per share data) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net Income Available to Common Shareholders |
$ |
4,762 |
|
$ |
13,742 |
|
$ |
13,232 |
|
$ |
12,301 |
|
$ |
11,771 |
Less: BOLI Death Benefit Income |
|
1 |
|
|
83 |
|
|
615 |
|
|
4 |
|
|
487 |
Plus: Merger and Acquisition Expenses |
|
11,011 |
|
|
314 |
|
|
436 |
|
|
109 |
|
|
— |
Plus: Compensation expense for accelerated vesting of stock options and restricted stock awards |
|
2,043 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Less: Tax Effect of Non-Recurring Expenses |
|
2,741 |
|
|
66 |
|
|
92 |
|
|
23 |
|
|
— |
Net Income Excluding Non-Recurring Income and Expenses |
$ |
15,074 |
|
$ |
13,907 |
|
$ |
12,961 |
|
$ |
12,383 |
|
$ |
11,284 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Shares Outstanding |
|
21,566,617 |
|
|
19,355,867 |
|
|
18,338,224 |
|
|
16,612,657 |
|
|
16,576,283 |
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses |
$ |
0.70 |
|
$ |
0.72 |
|
$ |
0.71 |
|
$ |
0.75 |
|
$ |
0.68 |
Return on Average Tangible Common Equity
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders |
$ |
4,762 |
|
|
$ |
13,742 |
|
|
$ |
13,232 |
|
|
$ |
12,301 |
|
|
$ |
11,771 |
|
Plus: Intangible amortization, net of tax |
|
588 |
|
|
|
338 |
|
|
|
372 |
|
|
|
363 |
|
|
|
336 |
|
|
|
5,350 |
|
|
|
14,080 |
|
|
|
13,604 |
|
|
|
12,664 |
|
|
|
12,107 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity |
|
670,491 |
|
|
|
660,964 |
|
|
|
623,670 |
|
|
|
565,300 |
|
|
|
553,675 |
|
Less: Average goodwill |
|
130,824 |
|
|
|
128,160 |
|
|
|
128,160 |
|
|
|
127,773 |
|
|
|
127,031 |
|
Less: Average core deposit and other intangibles |
|
9,824 |
|
|
|
6,023 |
|
|
|
6,468 |
|
|
|
6,424 |
|
|
|
5,833 |
|
Average tangible shareholders' equity |
$ |
529,843 |
|
|
$ |
526,781 |
|
|
$ |
489,042 |
|
|
$ |
431,103 |
|
|
$ |
420,811 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible common equity(1) |
|
4.05 |
% |
|
|
10.84 |
% |
|
|
11.07 |
% |
|
|
11.69 |
% |
|
|
11.57 |
% |
(1) |
Annualized ratio |
Core Efficiency Ratio
|
Three Months Ended |
||||||||||||||||||
(Dollars in thousands) |
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30, 2024 |
|
Jun. 30,
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense |
$ |
47,798 |
|
|
$ |
30,642 |
|
|
$ |
30,913 |
|
|
$ |
29,959 |
|
|
$ |
28,224 |
|
Less: Merger and acquisition expenses |
|
11,011 |
|
|
|
314 |
|
|
|
436 |
|
|
|
109 |
|
|
|
— |
|
Less: Compensation expense for accelerated vesting of stock options and restricted stock awards |
|
2,043 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Intangible amortization |
|
744 |
|
|
|
428 |
|
|
|
471 |
|
|
|
460 |
|
|
|
425 |
|
Less: (Gain) Loss on sale or write-down of foreclosed assets, net |
|
— |
|
|
|
(28 |
) |
|
|
73 |
|
|
|
(35 |
) |
|
|
42 |
|
Efficiency ratio numerator |
|
34,000 |
|
|
|
29,928 |
|
|
|
29,933 |
|
|
|
29,425 |
|
|
|
27,757 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
48,206 |
|
|
|
42,509 |
|
|
|
41,280 |
|
|
|
40,169 |
|
|
|
38,766 |
|
Noninterest income |
|
6,143 |
|
|
|
5,239 |
|
|
|
6,149 |
|
|
|
5,178 |
|
|
|
5,329 |
|
Less: BOLI Death Benefit |
|
1 |
|
|
|
83 |
|
|
|
615 |
|
|
|
4 |
|
|
|
487 |
|
Efficiency ratio denominator |
$ |
54,348 |
|
|
$ |
47,665 |
|
|
$ |
46,814 |
|
|
$ |
45,343 |
|
|
$ |
43,608 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core efficiency ratio |
|
62.56 |
% |
|
|
62.79 |
% |
|
|
63.94 |
% |
|
|
64.89 |
% |
|
|
63.65 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250723301309/en/
Mid Penn Bancorp, Inc.
1-866-642-7736
Rory G. Ritrievi
Chair, President & Chief Executive Officer
Justin T. Webb
Chief Financial Officer
Source: Mid Penn Bancorp
